For FY 2016 Bravo Company's CVP format Income Statement is as follows: Bravo Company Income Statement (CVP format) For the Year Ended 12/31/16 Sales (100 units) $10,000 Variable Costs: $1,500 1,400 1,000 Direct Labor Direct Materials Factory Overhead (variable) Selling Expenses (variable) Administrative Expenses (variable) 600 500 Total Variable Expenses 5,000 Contribution Margin $5,000 Fixed Costs Factory Overhead (fixed) Selling Expenses (fixed) Administrative Expenses (fixed) $500 1,000 1,000 Total Fixed Expenses 2,500 Net Income (aka Operating Income) $2,500 Bravo utilizes a JIT production system and there are no Raw Materials, Work-in- Process of Finished Goods inventories. Bravo Company expects that all costs will remain the same for FY 2017 with the exception of fixed factory overhead which is budgeted to increase by $1,700. Additionally, Bravo expects that total unit sales for FY 2017 will increase by 25%. Use this information to determine: 1. FY 2017 Cost of Goods Sold 2. FY 2017 Net Income (Round any total dollar value to the nearest whole dollar & enter as whole dollars only. Round any unit dollar value to the nearest penny & enter with both dollar(s) & cents. Round any unit non-dollar decimal numbers to the next higher whole number and enter as a whole number.)